Wix.com Ltd. Reports Q1 2024 Results

TL;DR

WIX dropped Q1 2024 results on 5/20 - check the press release for details.

AI Summary

Wix.com Ltd. (NASDAQ: WIX) filed a Form 6-K on May 20, 2024, to report its first quarter 2024 results. The filing includes a press release detailing the company's financial performance for the period ending March 31, 2024.

Why It Matters

This filing provides investors with the latest financial performance data for Wix.com Ltd., crucial for understanding the company's current business health and future prospects.

Risk Assessment

Risk Level: low — This is a routine earnings report filing, not indicating any unusual or immediate risks.

Key Players & Entities

• Wix.com Ltd. (company) — Registrant
• NASDAQ: WIX (company) — Stock Ticker
• May 20, 2024 (date) — Filing Date
• First Quarter 2024 (date) — Reporting Period
• Exhibit 99.1 (document) — Attached Press Release

FAQ

From the Filing

0001576789-24-000013.txt : 20240520 0001576789-24-000013.hdr.sgml : 20240520 20240520073708 ACCESSION NUMBER: 0001576789-24-000013 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240520 FILED AS OF DATE: 20240520 DATE AS OF CHANGE: 20240520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wix.com Ltd. CENTRAL INDEX KEY: 0001576789 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36158 FILM NUMBER: 24962359 BUSINESS ADDRESS: STREET 1: 5 YUNITSMAN ST. CITY: TEL AVIV STATE: L3 ZIP: 000000 BUSINESS PHONE: 97235454900 MAIL ADDRESS: STREET 1: 5 YUNITSMAN ST. CITY: TEL AVIV STATE: L3 ZIP: 000000 FORMER COMPANY: FORMER CONFORMED NAME: Wixpress Ltd. DATE OF NAME CHANGE: 20130513 6-K 1 wix-6xkxfirstquarter2024.htm 6-K Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of May 2024 Commission File Number: 001-36158 Wix.com Ltd. (Translation of registrant’s name into English) 5 Yunitsman St., Tel Aviv, Israel, 6936025 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ EXPLANATORY NOTE On May 20, 2024, Wix.com Ltd. (NASDAQ: WIX) issued a press release titled “Wix Reports First Quarter 2024 Results”. A copy of this press release is attached to this Form 6-K as Exhibit 99.1 . SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: May 20, 2024 WIX.COM LTD. By:     /s/ Naama Kaenan Name:     Naama Kaenan Title:     General Counsel EXHIBIT INDEX The following exhibit is filed as part of this Form 6-K: Exhibit Description 99.1 Press release dated May 2 0 , 2024 titled “Wix Reports First Quarter 2024 Results”. EX-99.1 2 firstquarter2024results.htm EX-99.1 Document Exhibit 99.1 Wix Reports First Quarter 2024 Results Record increase to FCF outlook driven by Q1 outperformance and expected 2H bookings acceleration – now anticipating 26% FCF margin in FY2024, one year ahead of plan and within clear sight of hitting Rule of 40 milestone already this year • Strong start to year with total bookings of $457.3 million, up 10% y/y driven by reacceleration of Creative Subscriptions growth • Total revenue of $419.8 million exceeded expectations, up 12% y/y driven by continued momentum in the Partners business – reflecting market share gains and stronger than anticipated Wix Studio uptake • Robust top-line growth coupled with stable optimized cost structure drove record FCF 1 margin of 26% in the most recent quarter ◦ GAAP operating income of $9.7 million marks second consecutive quarter of GAAP operating profit&#59; we continue to expect positive full year 2024 GAAP operating income • Expect acceleration of both Self Creators and Partners bookings growth in second half of 2024, driven by strong traction of expanding AI product suite and Studio, as well as encouraging business fundamentals ◦ Increasing 2024 bookings outlook with 2H bookings growth expected to accelerate to 16% y/y vs. 15% previously expected ◦ Increasing 2024 FCF 1 margin outlook to ~26% – well ahead of three-year plan as 25%+ FCF margin target was previously anticipated for 2025 NEW YORK, May 20, 2024 -- Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder pl